Estate Planning
MDF Estate Planning is and has been very efficient in creating a legally safe environment for assets simply by the way the titles/deeds are held within special Trusts. The process holds up under the strongest legal attacks. Upon witnessing a brief explanation with our Asset Protection Specialist and licensed attorneys, you will find comfort in knowing your most precious property will endure.
Definitions
Estate
The total property owned by an individual prior to the distribution of that property under the terms of a will, trust or inheritance laws. An individual's estate includes all real estate, personal property and liabilities.
Property
Property is described as either real or personal. Real property is real estate, and personal property is everything else. Personal property includes physical assets such as automobiles, equipment, household items, etc. Personal property also includes financial property, such as securities, notes or loans receivable, bank accounts, cash and insurance policies.
Grantor/Trustor
A Grantor or Trustor is an individual who creates a Trust and who transfers legal title of Property to the trust. In the Estate planning Arena the Grantor/Trustor is usually the current beneficiary of the trust which is set up.
Trustee & Successor Trustee
In the context of a trust, the trustee holds the legal title to property which is transferred to the trust, and the trustee then becomes the chief administrator over that property. The trustee is strictly bound by the terms and provisions written into the trust, and is obligated to deal with and transfer property to beneficiaries or heirs according to those written instructions. A successor trustee is simply someone who replaces an existing trustee, and often they are pre-appointed in a trust so that the successor may immediately step up to the position of trustee when necessary.